WinChart Technical Analysis
Daily Market analysis
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As shown on the chart above, the KLCI continue its consolidation on Wednesday, closing 4.42 points lower to 1384.08 points. Meanwhile, as indicated by A, the 14, 21, 31 EMA is still serving as the dynamic resistance for the KLCI. Still, the 1340 level is the current support for the KLCI.
As indicated by B, total market volume remains relatively lower on Wednesday while staying below the 40-day VMA level. Again, if the KLCI should continue its consolidation, the lower volume would be rather normal. But, if volume remains below the 40-day VMA level, the KLCI movement is less likely to pick up any strength.
As circled at C, the Stochastic failed to break out from the 30% level, and therefore, it is still showing a short term bearish signal. Therefore, unless the Stochastic could break out from the 30% level successfully, the market movement for the short term shall remains bearish biased.
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